Young Australians want their own home

The dream of home ownership is alive and well, according to a new report that reveals Generation Y are willing to give up luxuries to own their first home.

Over 90 per cent of Generation Y (those born between 1979 and 1990) has indicated that owning a home is a higher priority than buying the latest gadgets or fashion accessories.

Commonly perceived as a materialistic and consumer-orientated generation, their willingness to part with brands and luxuries to buy a home comes as a surprise to many.

The Housing Affordability Sentiment Index (HASI) tracks the sentiment of Australians concerning housing affordability, and mortgage repayments and how many are willing to sacrifice in order to enter the housing market.

It found the top four sacrifices Generation Y were planning to make (or are already making) to enter the property market were: eating out less and cutting back on takeaway food (65%), cutting back on general day-to-day spending (64%), missing out on a holiday (47%) and cutting back on alcohol related spending (40%).

The HASI report also highlighted that Australians are prepared to spend less on discretionary purchases like brands and luxuries, entertainment and recreation and the upgrade of their car in order to purchase a home.

If you would like to contact one of our brokers and make a loan enquiry, please click here.